Loans

Loans at St. Michael's Credit Union Limited

The two most important things about a loan are, being able to borrow the money and being able to repay it. At St. Michael's Credit Union Limited we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay. Establish a good savings record by saving regularly so as to build up security for your loan.

Loan Applications

The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.

Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office, by telephone or via the members section of the web site. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or will go to the weekly Credit Committee meeting.

What you need when applying for a loan

In deciding whether or not to grant the loan the loan officer or credit committee will take into account the members record of savings and loan repayments, as well as ability to repay. Once the loan is granted the member will be asked to complete a Credit Agreement, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.

Remember - only members are eligible to receive loans from your credit union.

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  • There are no administration charges, hidden fees or transactions charges
  • Credit union interest rates are fair and reasonable and capped
  • Repayments are calculated on your reducing balance, so you pay less interest with each repayment
  • You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!
  • In the event of your death, your credit union loan is insured - subject to terms, conditions and eligibility criteria - at no direct cost to you

Your application is treated in the utmost confidence and will be considered on its own merits. In deciding, whether or not to grant the loan, we take into account your record of savings and loan repayments, as well as your ability to repay.

Our loan rate of 10.98% (11.6% APR) means you can borrow at a reasonable rate of credit compared to other financial providers – compare us to other financial service providers and you will see that you get a great deal at St. Michael's Credit Union Ltd.

Loan Amount Loan Type APR Term Monthly Repayments Total Amount Payable
€5,000 Secured Loan/Variable 5% 3 Years €150 €5,383
€5,000 Standard Loan/Variable 11.6% 3 Years €164 €5,892
€10,000 Standard Loan/Variable 11.6% 5 Years €221 €12,986
€15,000 Car Loan/Variable 7.23% 5 Years €297.02 €17,818.71

Information correct as at 03/01/2017

Loans are subject to approval. Terms & Conditions apply.

If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.

Loan Enquiry Form

If you wish to enquire about a loan with St.Michael's Credit Union, please fill in and submit the form below and a member of staff will be in touch

Your Name (required):

Your Email (required):

Loan Amount:

Tel:

Are you a Member of St.Michael's Credit Union?:

YesNo

To begin, with you have to be a member of St. Michael's Credit Union Limited. For more information on becoming a member please click here. For members, please visit or call us and we can discuss your needs and give you an application form.

Loans are subject to approval. Terms & Conditions apply

What we require:

1. Proof of Income

  • Employed - 3 most recent pay-slips
  • Self-employed - Most recent set of accounts and latest tax returns/Notice of self-assessment
  • Social Welfare – 3 most recent payment receipts
  • Retired – Proof of all pensions
  • Bank Statements - 3 most recent months

2. Proof of Address

One of the following

  • Recent Utility Bill (Gas/Electricity)
  • Car or Home Insurance Policy
  • Bank Statement

3. Valid Photo I.D.

  • Passport
  • Drivers Licence
  • Age Card
  • Public Service Card (New)

4. Depending on the Application 

More information may be required.

  • Credit Card Statement
  • Mortgage statement (if applicable)

Terms & Conditions Apply

* All figures given on this web site are for your general information only, and give a rough guide to loan repayments. Any statements on this web site do not purport to be authoritative or legally binding. You are advised to check with our offices for up-to-date rates and offers.

Types of loans available:
Amount you'd like to borrow (€)
Repayment term:
For how long (years):
Each repayment will be:
Your total repayment will be:
The total interest will be:

Whilst every care has been made in the production of this information, it is for illustrative purposes only and to give you an overview of the potential cost of borrowing at St.Michael's Credit Union. It does not constitute a loan offer. This document is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing and does not constitute an offer of finance or repayments.

 

Loan Enquiry Form

If you wish to enquire about a loan with St.Michael's Credit Union, please fill in and submit the form below and a member of staff will be in touch

Your Name (required):

Your Email (required):

Loan Amount:

Tel:

Are you a Member of St.Michael's Credit Union?:

YesNo